Cartesian Therapeutics announces $130M private placement equity financing

Cartesian Therapeutics has entered into a securities purchase agreement for a private investment in public equity financing that is expected to result in gross proceeds of approximately $130M to the Company, before deducting placement agent fees and other offering expenses. The PIPE financing is expected to close on or about July 3, 2024, subject to satisfaction of customary closing conditions. The PIPE financing included participation from both new and existing investors, including HBM Healthcare Investments, Invus, Schooner Capital, Surveyor Capital, Timothy A. Springer, Ph.D., a leading mutual fund manager, and other institutional investors. Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 3,563,247 shares of its common stock, and 2,937,903 shares of its Series B Non-Voting Convertible Preferred Stock, each at a purchase price of $20.00 per share. Each share of Series B Preferred Stock is convertible into one share of Common Stock, subject to Cartesian stockholder approval thereof and certain beneficial ownership limitations set by the purchasers of the Series B Preferred Stock. The Company intends to use the net proceeds from the PIPE financing, together with the Company’s existing cash, cash equivalents, and marketable securities, to fund its pipeline programs, and for general corporate purposes and working capital. Leerink Partners and TD Cowen are acting as lead placement agents for the PIPE financing and Needham & Company is acting as placement agent for the PIPE financing.